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Bwin Investors Approve PartyGaming Tie-Up

Written by:

C Costigan

Published on:

Jan/28/2011

(Reuters) - Shareholders in Austrian Internet betting group bwin (BWIN.VI) voted on Friday to endorse a tie-up with British peer PartyGaming (PRTY.L) creating the world's largest online gaming business.

The deal is worth $3.3 billion based on share prices when the transaction was unveiled in July.

The two companies have styled the all-share deal a merger of equals although bwin shareholders will end up owning 51.6 percent of the company while investors in PartyGaming will hold the remaining 48.4 percent.

The new group will be listed on the London Stock Exchange and jointly run by current chief executives of the two companies, Jim Ryan and Norbert Teufelberger.

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